EURONEXT_Registration_Document_2017

RISKS

Finally, Euronext takes best efforts to prevent infringement of any third party intellectual property rights, for instance by entering into license agreements or contributing to open source. However, in the event that Euronext is accused of alleged intellectual property right infringement, Euronext may require significant financial and managerial resources for its legal defense. POTENTIAL LITIGATION RISKS AND OTHER LIABILITIES Many aspects of Euronext’s business involve litigation risks. Some other liability risks arise under the laws and regulations relating to the insurance, tax, anti-money laundering, foreign asset controls, data privacy and foreign corrupt practices areas. These risks include potential liability from disputes over terms of a securities trade or from claims that a system or operational failure or delay caused monetary losses to a customer, as well as potential liability from claims that the Group facilitated an unauthorised transaction or that it provided materially false or misleading statements in connection with a transaction. These risks include as well potential liability from disputes as regard non-compliance of the Group to its data privacy obligations as controller or processor. Dissatisfied customers may make claims against their service providers regarding quality of trade execution, improperly settled trades, mismanagement or even fraud or non-compliance with data privacy obligations. In this specific case ( i.e . non-compliance with data privacy regulation), claims may also arise from a data subject as defined by data privacy regulation or data privacy authorities. Although aspects of the Group’s business may be protected by regulatory immunity and/or contractual arrangements providing for limited or no liability clauses, Euronext could nevertheless be exposed to substantial liability under the laws and regulations and court decisions in the countries in which it operates, as well as regulations promulgated by European and other regulators. The Group could incur significant expenses defending claims, even those without merit. In addition, an adverse resolution of any lawsuit or claimagainst the Groupmay require it to pay substantial damages or impose restrictions on how it conducts its business, any of which could have an effect on both the business and financial results, and the reputation of the Group.

The Group networks may be vulnerable to exfiltration, unauthorised access and other security incidents including:  third parties to whom Euronext provides information may not take proper care with this information and may not be diligent in safeguarding it;  the Group systems may experience security incidents as the volume of cyber-attacks are increasing in general and in particular within the financial sector. Advanced persistent threats are within the most effective and disruptive cyber-attacks;  persons who circumvent security measures could wrongfully access the Group’s or its customers information, or cause interruptions or malfunctions in the Company’s operations;  the Group may be a direct or indirect target of attacks by terrorist or other extremist organisations that employ threatening or harassing means to achieve their social or political objectives. They can include cyber-attacks and threats to physical security and infrastructure;  i n the event of an attack or threat of an attack as well as natural disasters or public health emergencies, the Groupmay experience a significant delay in resuming normal business operations. Security breaches or leakage of sensitive data, also impacting data protection laws, and other events could cause Euronext to incur reputational damage, regulatory sanctions, litigation and have an impact on its financial results. OWNERSHIP AND INTELLECTUAL PROPERTY Euronext owns or licences rights to a number of trademarks, service marks, trade names, copyrights, free or open source software and databases that are used in its business. To protect its intellectual property rights or any other property rights, Euronext relies on a combination of trademark laws, copyright laws, trade secret protection, database laws, confidentiality agreements and other contractual arrangements with its affiliates, customers, strategic investors and others. In the event the protective steps taken are inadequate to deter misappropriation of Euronext’s intellectual property, Euronext’s reputation could be harmed, affecting its ability to compete effectively. Further, in defending its ownership or intellectual property rights may require significant financial and managerial resources. Any of the foregoing could have a material adverse effect on the business, results of operations, financial condition and cash flows.

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2017 REGISTRATION DOCUMENT